09.30.08

As of today, the global financial system is gripped by panic. In the past two weeks since the bankruptcy of Lehman Brothers, the fear and chaos have accelerated dramatically, and the failure of Congress to pass its proposed $700 bailout bill on Monday unleashed a new wave of panic. That is the situation we find ourselves in now, with safe havens almost non-existent save for those betting against the market completely, or who have retreated to cash. Relief rallies there may be, but this is a market in the grip of animal spirits stampeding for the exits. Read more…

09.15.08

The purchase of Merrill Lynch by Bank of America and the bankruptcy and collapse of Lehman Brothers are the latest - albeit most dramatic - installments of the ongoing credit crisis that began last August 2007. The bailout of Fannie Mae and Freddie Mac, as well as the fire-sale purchase of Bear Stearns by JP Morgan Chase in March were also greeted with fear and dread, and if the past is any guide (which, by the by, it may not be), today will not be the final chapter. Read more…

08.26.08

A rousing speech from Michelle Obama and we’re off. With the conventions in full-bloom, we will be treated to two weeks of constant coverage. In fact, with 4,000 delegates at the Democratic Convention and 15,000 members of the media, the convention in Denver is as much a media event as a political one - and that may be an understatement. The same will be true when the Republicans gather next week in Minneapolis-St. Paul. With every aspect of the agenda meticulously scripted in advance, the only drama will be scripted and produced, not spontaneous, and there will be as many surprises as there were at the opening and closing ceremonies of the Olympics in Beijing: none. Read more…